Economy
ECOWAS Group, ICPC Urge African Leaders to Step up Fight Against Illicit Financial Flow
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Mr Edwin Harris, the Director-General of the ECOWAS Inter-Governmental Action Group Against Money Laundering In West Africa (GIABA), Senegal, has urged African leaders to step up efforts in the fight againsr Illicit Financial Flows (IFF) in the region.
Harris made the call while delivering a lecture at the 11th anniversary annual lecture of Realnews and investiture into the Realnews Hall of Fame on Tuesday in Lagos.
The theme of the lecture is :” The Threats of Illicit Financial Flow to the African Economy”.
He stated that IFFs are a systemic problem requiring a systemic solution and as such, African leaders cannot afford to relax in the fight against a cankerworm that threatens their sustainable development.
The director-general noted that IFFs as money illegally earned, transferred or used in violation of laws in their origin, or during their movement or use, and are therefore considered illicit.
”IFFs from Africa typically originates from three sources, which are : corruption, including money acquired through bribery and abuse of office by public sector and private sector officials.
”Others are criminal activities, ranging from trafficking in people and drugs, arms smuggling, fraud in the financial sector, such as unauthorised or unsecured loans, money laundering, stock market manipulation and outright forgery,” he said.
Harris also mentioned commercial activities, arising from business-related activities, and having several purposes, including hiding wealth, evading or aggressively avoiding tax, and dodging customs duties and domestic levies.
The GIABA director-general said that the United Nations Economic Commission for Africa (UNECA) High Level Panel (HLP) on IFFs had stated that Africa is estimated to have lost one trilliondollars or more over the past 50 years to IFFs.
The commission, he said also revelealed that the continent is estimated to lose more than 50 billion annually in IFFs .
Harris stressed that this was corroborated by the Organisation for Economic Co-operation and Development (OECD) which estimated that Africa loses as much as $60 billion each year in IFFs.
He stated that in 2020, the UN Conference on Trade and Development (UNCTAD), in its report on Economic Development in Africa, estimated that Africa loses about US$88.6 billion, 3.7 per cent of its Gross Domestic Product (GDP), annually in IFF.
Harris said, at a regional level, the scale of criminal proceeds in the West Africa has been estimated at 3.6.per cent of global gross domestic product (GDP) .
“IFF are a global phenomenon and do not respect borders. They undermine global social, political and economic security and have become a serious threat to the attainment of development agenda, particularly in Africa.
“Africa’s efforts to ensure the reduction of IFFs must be pro-active, firm and unwavering while activities that give rise to IFFs must be vigorously fought without compromise.
“The key task is to take bold steps, cooperate and coordinate efforts, and unit to dismantle the system extracting wealth from Africa, ” he said.
According to him, this requires collective actions by all critical stakeholders, including national authorities, the private sector and civil society organisations to press for change in their countries and the continent at large.
Harris commended Realnews and other media houses in Africa for their effort in fighting against IFFs.
In her welcome address, Ms Maureen Chigbo, the Publisher of Realnews said that the anniversary lecture series is one way the medium contributes to nation-building and development.
Chigbo said Realnews does this by providing a forum for policy change-oriented discussions by professionals, scholars, technocrats and decision-makers on the way forward for our great nation and Africa in general.
“The lecture series since 2014 have focused elections, economy, security, challenges of leadership in Africa, Africa’s political transitions oil and gas, unfolding integration of the African Market, and drug abuse among youths in Africa.
“This year, we zeroed in on “Threats of Illicit funds flow to the African Economy”, because of our deep concern about the nefarious effect of illicit funds flow on the economy, resulting in dwindling revenue for Africa governments,” she said.
According to her, the theme of the lecture was borne out of a revelation by Mr Auwal Rafsanjani, Executive Director, Civil Society Legislative Advocacy Centre (CISLAC) on Oct. 22, that Nigeria lost $18 billion yearly to IFFs through the banking sector.
Chigbo stated that Rafsanjani, also Head, Transparency International (TI) Nigeria, had disclosed that Nigeria is one of the 23 countries ranked as non-co-operative in the combined efforts to fight money laundering globally, since its establishment in 2003.
She said to address this burning issue, the medium searched for Harris and other selected panel of discussants with relevant expertise, knowledge and experience to shed more lights on the topic.
The publisher appreciated the speakers and sponsors of the event in various capacities for their unwavering support to the medium.
In a panel discussion, Mr Kayode Adedayo, Director of Proceeds of Crime Department, Independent Corrupt Practices and Other Related Offences Commission (ICPC) said African countries must prioties the prevention of the movement of illicit funds from their territories.
Adedayo noted that this was imperative because once the funds are moved, particularly to the Western countries and discovered, and effort is made for its repatriation, they are returned after several years without interest.
Also, Mr Felix Obiamalu, Associate Director of Legal and Sanctions, Nigeria Financial Intelligence Unit (NFIU) urged the Federal Government to establish a clear and up-to-date policy and guidelines on how to combat IFF in Nigeria.
Obiamalu stated that while IFF is a menace that has eaten deepen into the Nigerian system, government at all level should lead by showing a political will to destroy it and promote the whistle blower mentality among the citizens.
The News Agency of Nigeria reports that the highlight of the event was induction of new members into the Realnews Hall of Fame.
The new members are : Harris, Adedayo, Obiamalu, Mr Mohammed Bello-Koko, Managing Director, Nigeria Ports Authority (NPA), Mr Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission and Mr Ahmed Karu, Managing Director, Assets Management Corporation of Nigeria. (NAN)
Economy
Naira Ends Week Stronger Against Dollar, Gaining N11.17
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The Naira further appreciated in the official market on Friday, trading at N1,474.
78 to the Dollar.Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.
This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.
95 to the Dollar.Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.
01 and a low of N1,447.50.The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
The reforms aimed at ensuring transparency in the foreign exchange (FX) market.
CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.
Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)
Economy
CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed
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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.
Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.
She said that the effort would increase foreign exchange earnings and help to capture export data for the country.
“Interactive sessions were held with several trade associations operating within some borders”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.
“We will build on this,” she assured. (NAN)
Economy
Ecobank Promotes Savings Culture, Rewards N42m to Customers
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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.
Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.
She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.
“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.
Ogunyemi also noted the increasing awareness of savings amid economic challenges.
“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.
“This has led to a steady rise in deposits across the banking sector,” she said.
Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.
“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.
“This initiative is about showing our customers that every amount saved adds up over time,” she said.
Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.
“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.
“Month after month, deposits have increased, which is very encouraging,” she added.
She further emphasised that savings, beyond just winning rewards, provide financial security.
Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.
“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.
“Across the banking industry and within Ecobank, savings deposits have consistently grown.
“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.
She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.
Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.
“It is important to note that what gave them the opportunity to win was their commitment to saving.
“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.
“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.
He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.
“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.
Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.
A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.
Similarly, four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)